View more on these topics

Industry criticises 4m stakeholder drive

Scottish Life head of pension strategy Steve Bee criticises the amount that the Government is spending to promote stakeholder when he says it is unsuitable for millions of people.

Bee says it is crucial to get the public to save more but claims it is foolish to pretend that pouring money into this sort of venture will improve provision among those with low incomes.

Hargreaves Lansdown head of pensions research Tom McPhail says the move will not make enough of a difference to justify the expense.

McPhail says the 1988 advertising campaign to persuade people to contract out of Serps had some impact because it had the industry’s support. However, this is not the case with stakeholder products.

The campaign, run under the title Stakeholder Saving – It All Adds Up, was launched at an event attended by Treasury Economic Secretary Ivan Lewis, pensions minister Stephen Timms and stakeholder architect Ron Sandler.

The promotion starts this week and will involve televis- ion adverts, a guide to stake- holder products and a Government website.

Lewis says: “With all the products now in place across a range of providers and with autumn usually a busy time for financial investment, it makes sense to inform the public now of the new opportunities available to them.”

Bee says: “It is crazy for the Government to be spending this amount of money luring people into stakeholder pensions that are not suitable for millions.”

Lewis interview, p20


NU chief points to value of actuary training

Qualifying as an actuary prov-ided valuable insights into bringing investment products to market for Norwich Union head of investments product development Neil Davies. Davies joined NU’s actuarial graduate scheme in 1990, with the early part of his career placing emphasis on professional exams. He benefited from secondments to valuation and special quotations departments as well […]

Is sub-prime suspect?

Most of us have watched in horror at the situation in New Orleans and the time it took for the relief effort following Hurricane Katrina. That would never happen in the UK, we may think. But would it?

Jon King

Defeat is not a word that comes easily to Ship chairman and managing director of Hodge Equity Release, who is determined to see the release market reach 5bn in the next five to 10 years, says Nicola York


News and expert analysis straight to your inbox

Sign up


    Leave a comment